China's Ministry of Commerce on Wednesday condemned a series of trade restrictions recently imposed by the U.S. government, accusing Washington of escalating economic pressure through sanctions, export controls, and other measures aimed at hindering China's development.
A spokesperson for the Ministry of Commerce said that the Biden administration, seeking to exploit the remainder of its term, has rolled out a series of trade restrictions under the pretext of national security. These measures include increasingly stringent controls on semiconductor exports to China, and restrictions on the use of Chinese connected vehicle hardware and software systems, as well as completed connected vehicles in the United States.
The U.S. has also launched reviews of the security of Chinese drone systems and sanctioned multiple Chinese companies. Several Chinese entities have also been added to the U.S. "notorious market" list.
The ministry spokesperson voiced China's strong dissatisfaction with and firm opposition to these actions, emphasizing that they severely infringe upon the legitimate rights of Chinese enterprises and seriously undermine market rules and the international economic and trade order.
The spokesperson highlighted that such measures threaten the stability of global industrial and supply chains and damage the interests of businesses worldwide, including those in the U.S. Many major U.S. companies and industry associations have expressed their opposition to these measures, with other countries and regions also voicing objections, the spokesperson noted.
Describing the U.S. actions as typical economic coercion and bullying, the spokesperson pointed out the irrationality and irresponsibility of the approach, adding these measures not only harm China-U.S. trade relations but could also destabilize the global economy.
The spokesperson underscored that the Biden administration's tactics of sanctions and suppression would not thwart China's progress. On the contrary, they would only serve to bolster China's determination to innovate, strengthen its self-reliance, and enhance its technological capabilities.
The spokesperson vowed that China will take resolute measures to protect its sovereignty, security, and development interests.
China slams US trade restrictions, vows to protect its interests
China slams US trade restrictions, vows to protect its interests
South Korean experts have warned that the United States' new tougher foreign policy under President Donald Trump poses a threat to the East Asian country's economy which has already suffered a slowdown in growth amid an ongoing political crisis.
Trump is expected to take a hard line on trade and diplomacy with South Korea. He wants the Asian partner to pay more for the stationing of over 28,000 U.S. troops in the country, while their trilateral security relationship with Japan is also likely to take a back seat under the newly inaugurated president.
Trump's tariff-driven approach could also see South Korea diversify its markets away from the U.S. With an export-driven economy, according to experts.
"Trump seems to be backing off on some of his remarks, but I think it is fairly definite that he will impose tariffs on a wide range of products as he has emphasized again and again that he has faith in the power of tariffs which virtually no economist shares," said Yang Jun-sok, a professor of economics at Catholic University of Korea.
There is also concern that Trump's policies will be inflationary, making it hard for countries like South Korea to cut key lending rates, along with an expectation that Trump's second term will cause a global slowdown and add to the pain of South Korea's already sluggish economy.
Another big concern for South Korea is security, some experts hold that Trump made no progress with de-nuclearization on the peninsula during his first term. Until last month, the U.S. had been expected to green-light South Korea's request to lift restrictions on reprocessing nuclear materials.
"I don't think there's a reasonable chance for the Trump administration to actually allow South Korea to develop its own nuclear weapons because of the martial law declaration and the political chaos that ensued after the declaration," said Bong Young-shik, a research fellow at Yonsei University.
The expert also noted that the political paralysis in South Korea caused by martial law since early December and the arrest of President Yoon Suk-yeol pose problems for Trump.
"The main challenge must be the absence of reliable and responsible leadership," Bong added.
New U.S. policy finds Seoul struggling with political turmoil, and follows extended national medical strikes. That's also the biggest concern in South Korea. Experts have warned that the political uncertainty is adding to market jitters.
"The political turmoil comes on top of that risk and it's making the capital markets, the financial markets very nervous, it's also beginning to make the export market a bit nervous as well," said Yang.
Trump's tougher foreign policy threatens South Korea's economy: experts